As a seasoned analyst with extensive experience in the cryptocurrency market, I’ve witnessed numerous ups and downs over the years. Last week’s massacre, which drove bitcoin to a multi-month low and caused widespread panic among investors, was a reminder of the volatile nature of this asset class.
As a financial analyst, I’ve observed the recent turbulence in the cryptocurrency market, specifically the significant drop in bitcoin‘s value last week resulting in a multi-month low. However, the tenacious nature of this asset is evident as it has bounced back, surpassing the $65,000 mark for the first time since late April.
As a market analyst, I’ve noticed some remarkable price surges among several alternative coins within the last 24 hours. Specifically, TON, SOL, and AVAX have significantly outperformed their larger counterparts in terms of percentage gains.
BTC Goes Above $65K
Last week, at the beginning of May, I watched in dismay as the price of Bitcoin plummeted to a two-month low of $56,500. This downturn was fueled by increasing withdrawals from cryptocurrency ETFs and mounting anxiety over potential actions by the US Federal Reserve during its FOMC meeting.
The central bank’s stance on maintaining its existing monetary policy led to market turbulence right away. However, it wasn’t until last Friday that Bitcoin regained some lost ground and reached nearly $60,000 again.
Bitcoin experienced two significant boosts, one on that day and another over the weekend, propelling its price up to an astounding $64,000. The market had been uncertain in the morning hours, but the bullish forces soon intensified, pushing the cryptocurrency to a new peak of nearly $65,500 – its highest level in 12 days.
The market value of this asset has almost reached a staggering $1.3 trillion, and it continues to outshine other alternatives with a commanding 50.5% market share.
Alts in Green
As a researcher studying the cryptocurrency market, I’ve observed that while Bitcoin (BTC) continues to hold its leading position, several alternative coins (alts) have surpassed its performance in recent times. Among the larger-cap alts, Solana (SOL) has shown a 6% growth, Ton (TON) boasts a remarkable 9%, and Avalanche (AVAX) has achieved a 7% increase.
Ethereum has risen by 3% and surpassed the $3,200 mark, while Binance Coin (BNB) has reached $600 following a comparable growth. Among the major altcoins, XRP, Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), and Bitcoin Cash (BCH) are also experiencing gains.
These coins, including LINK, NEAR, MATIC, HBAR, IXP, APT, and RNDR, have yielded even more noteworthy returns.
As a researcher investigating the cryptocurrency market, I’ve discovered an impressive increase in the total market capitalization. According to CoinGecko, this figure currently stands at approximately $2.550 trillion – a significant leap of nearly $100 billion compared to the previous day’s data.
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2024-05-06 11:51